Marginalism and the Austrian School

2021 ◽  
pp. 93-118
Author(s):  
Michael Peneder ◽  
Andreas Resch
Keyword(s):  
Austrian School ◽  
Monetary Theory ◽  
Friedrich Hayek

The three chapters of Part II focus on Schumpeter's monetary theory of development. To begin with, the current chapter addresses his intellectual upbringing in the midst of the marginalist revolution and how he drew the lines to his intellectual kinship of the Austrian School. Studying in Vienna with two of the main proponents of the marginalist revolution, his own method and concepts were thoroughly rooted in its fundamental premises. First, the attention turns to its founders (Jevons, Walras and Menger), then to the influence of Schumpeter's teachers Böhm-Bawerk and Wieser. This is followed by a discussion of the monetary theory of Knut Wicksell, who systematically applied the marginalist principles to monetary matters. Finally, we ask how Schumpeter related to the monetary theories of Ludwig Mises and Friedrich Hayek.

Complexity and Austrian Economics

2015 ◽  
pp. 593-611 ◽  
Author(s):  
J. Barkley Rosser
Keyword(s):  
Austrian Economics ◽  
Austrian School ◽  
Austrian School Of Economics ◽  
Economic Complexity ◽  
Recent Developments ◽  
Carl Menger ◽  
Over Time ◽  
Friedrich Hayek

There is a deep link between complexity economics and Austrian economics. Ideas of complexity were foundational in the work of Austrian economics from its generally recognized beginnings in the work of Carl Menger to the modern day, with Friedrich Hayek being probably the most important carrier of this theme in the school. Although interest in complexity economics among Austrians has waxed and waned over time, today such ideas are quite influential in the work of many Austrian economists. This chapter discusses the varieties of economic complexity and the connection with the Austrian school of economics from Menger to Hayek, as well as more recent developments of Austrian views on complexity.

scholarly journals Los desarrollos teóricos de la Escuela Austriaca de Economía inspirados en la Escuela de Salamanca. Validez en el estudio de problemas contemporáneos

2021 ◽  
pp. 123-155
Author(s):  
Carlos Arturo Gómez Restrepo
Keyword(s):  
Free Market ◽  
Value Theory ◽  
Austrian School ◽  
Monetary Theory ◽  
Market Theory ◽  
Capital Theory ◽  
Jel Codes ◽  
Palabras Clave ◽  
School Of Salamanca ◽  
Theory Of Value

This paper studies the theoretical contributions of both The School of Salamanca and The Austrian School regarding the theory of value, capital theory and monetary theory. This study permits to understrud the failure of the economic analysis of the mainstream based on the equilibrium, simmetric information, and the narrow concepts of perfect competion and rationality, among others. Key words: School of Salamanca, Austrian School, free market, theory of capital and interest, value theory, monetary theory. JEL codes: B11, B25, B53. Resumen: En este artículo se muestran los concurrentes desarrollos teóricos de la Escuela de Salamanca y de la Escuela Austriaca de Economía, que para efectos de su análisis se agrupan en tres teorías enmarcadas dentro de la concepción del libre mercado: La teoría del valor, la teoría del capital y del interés, y la teoría monetaria, y que permiten evidenciar los fallos del análisis económico de problemas actuales, realizado por la denominada «corriente principal», y desarrollados a partir de los supuestos de mercado en equilibrio, información simétrica, competencia perfecta, y racionalidad económica, entre otros. Palabras clave: Escuela de Salamanca, Escuela Austriaca de Economía, libre mercado, teoría del capital y del interés, teoría del valor, teoría monetaria. Códigos JEL: B11, B25, B53.

Menger and Hayek on Institutions: Continuity and Discontinuity

1994 ◽  
Vol 16 (2) ◽  
pp. 270-291 ◽  
Author(s):  
Pierre Garrouste
Keyword(s):  
Social Institutions ◽  
Austrian School ◽  
Recent Scholarship ◽  
Continuity And Discontinuity ◽  
Friedrich Hayek

Recent scholarship has noted differences and even discrepancies among the members of the so-called Austrian school. It has been possible to identify discontinuities between generations (Hayek 1968), along methodological lines (Caldwell 1988, Hutchison 1981), among the various threads of the “Austrian revival” (Vaughn 1990), and between heterogeneous intellectual systems (Dufourt and Garrouste 1993). Brian Loasby (1989) has remarked that Friedrich Hayek was one of the few scholars to develop one of Carl Menger's outstanding contributions to economics, his theory of social institutions (Langlois 1989). The purpose of this paper is to appraise the continuities and discontinuities between the two authors' conceptions of institutions. In what follows, I shall present successively Menger's and Hayek's conceptions of institutions, and then I shall compare them.

scholarly journals The Roads to Understand «The Road to Serfdom» (Reflection on Biography of Friedrich Hayek and His Ideas)

2021 ◽  
Vol 22 (1) ◽  
pp. 39-75
Author(s):  
Rustem Nureev ◽  
Yury Latov
Keyword(s):  
Historical Background ◽  
Austrian School ◽  
Fourth Generation ◽  
Scientific School ◽  
Practical Application ◽  
The Road ◽  
Birthday Anniversary ◽  
The Relationship ◽  
Insight Into ◽  
Friedrich Hayek

The article refers to the famous economist Friedrich Hayek, whose 120-th birthday anniversary year before last was barely noticed. It should be mentioned that in the 1990-s, when liberal ideas were popular, he was considered to be one of the most outstanding economists of the 20th century. But nowadays the ideas of Hayek are presented more likely for exhibiting extreme liberal approaches rather than for their relevant practical application. The research gives an insight into his biography, which includes the description of similar highs and lows in his popularity during his lifetime. In 1944 after the book «The Road to Serfdom» was published, as well as in 1974 after winning the Nobel Prize, he was at the highest of his fame unlike the period of the1950-s and 1960-s when his views were barely demanded. There is a number of other strange issues in his personal biography as well as in the development of his ideas. As the representative of fourth generation of the Austrian School, he witnessed how this scientific school completely emigrated from Austria. Although he is regarded to be a distinguished economist, political analysts and philosophers refer to his ideas almost more frequently than economists. The authors of the present article proposed a problem-based approach to be used for understanding Hayek’s biography and his ideas. This included not only identifying the oddities in evolution of Hayek’s ideas and of the Austrian School as a whole, but also providing the rationale for them, which was based on highlighting the relationship between development of doctrinal economic ideas and «the spirit of the age». Special emphasis in the research was placed on explaining the historical background of the most famous work of Friedrich Hayek «The Road to Serfdom». The article was produced by the editors of joint monograph «The Road to Hayek» (Moscow: KNORUS, 2021. — 224 p., which is being published), who were influenced by reflection on variety of approaches to Hayek’s ideas and their significance.

Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”)

2020 ◽  
pp. 121-134
Author(s):  
S. A. Andryushin
Keyword(s):  
Public Debt ◽  
Scientific Community ◽  
Full Employment ◽  
Term Effect ◽  
Scientific Concept ◽  
Monetary Theory ◽  
Left Wing ◽  
Medium Term ◽  
Short Term ◽  
Stimulation Of

In 2019, a textbook “Macroeconomics” was published in London, on the pages of which the authors presented a new monetary doctrine — Modern Monetary Theory, MMT, — an unorthodox concept based on the postulates of Post-Keynesianism, New Institutionalism, and the theory of Marxism. The attitude to this scientific concept in the scientific community is ambiguous. A smaller part of scientists actively support this doctrine, which is directly related to state monetary and fiscal stimulation of full employment, public debt servicing and economic growth. Others, the majority of economists, on the contrary, strongly criticize MMT, arguing that the new theory hides simple left-wing populism, designed for a temporary and short-term effect. This article considers the origins and the main provisions of MMT, its discussions with the mainstream, criticism of the basic tenets of MMT, and also assesses possible prospects for the development of MMT in the medium term.

Two Intellectual Landmarks in the Year 1749

2019 ◽  
Vol 17 (2) ◽  
pp. 101-123
Author(s):  
Farhad Rassekh
Keyword(s):  
Paradigm Shift ◽  
David Hume ◽  
Adam Smith ◽  
Considerable Extent ◽  
Monetary Theory ◽  
Economic Theories ◽  
Classical Economics ◽  
Wealth Of Nations ◽  
Economic Thinking

In the year 1749 Adam Smith conceived his theory of commercial liberty and David Hume laid the foundation of his monetary theory. These two intellectual developments, despite their brevity, heralded a paradigm shift in economic thinking. Smith expanded and promulgated his theory over the course of his scholarly career, culminating in the publication of The Wealth of Nations in 1776. Hume elaborated on the constituents of his monetary framework in several essays that were published in 1752. Although Smith and Hume devised their economic theories in 1749 independently, these theories complemented each other and to a considerable extent created the structure of classical economics.

Kokoro Confidential

2016 ◽  
Vol 134 (1) ◽  
pp. 93-115
Author(s):  
Brian Hurley
Keyword(s):  
Graduate Student ◽  
University Of Chicago ◽  
Natsume Soseki ◽  
Dissertation Advisor ◽  
Austrian Economist ◽  
Modern Japan ◽  
The University ◽  
Friedrich Hayek

As a graduate student at the University of Chicago in the mid-1950s, Edwin McClellan (1925–2009) translated into English the most famous novel of modern Japan, Kokoro (1914), by Natsume Sōseki. This essay tells the story of how the translation emerged from and appealed to a nascent neoliberal movement that was led by Friedrich Hayek (1899–1992), the Austrian economist who had been McClellan’s dissertation advisor.

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